Impinj, Inc.

impinj.com

What Do They Do?

Sells miniature wireless identification chips embedded in products and packaging, plus readers and tracking systems, to manufacturers, retailers and logistics companies.

How Do They Make Money?

Customers buy hardware, with sales counted when products ship and payment typically due after shipment; extended warranties and maintenance cover a contract term.

revenue

Segment	Share	Revenue	How money arrives
Endpoint ICs Sold outright	83% FY2022: 74%		Sold outright
Systems	17% FY2022: 26%

Who Are Their Customers?

Impinj sells endpoint chips directly to inlay and tag makers, while reader products reach equipment makers through distributors and solution partners. It sells solutions directly to some enterprise customers and serves the rest through partners.

Customers above 10% of revenue, FY2025

of revenue from three customers (34%, 15%, 12%)

FY2023: 44% from two customers

Do Revenues Turn Into Profits?

Not on paper. It lost $10.8M in FY2025, but brought in more cash than it spent: $45.9M of free cash flow.

Operating income, FY2025

0% of revenue

▼ −90% (Loss) vs FY2024 (−$7.1M, −2%)

Net income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($40.8M, 11%)

Free cash flow, FY2025

13% of revenue

▼ −59% vs FY2024 ($111.2M, 30%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +11%; vs $97.9M in Q2 FY2025
Net income: ▲ +6%; vs $11.6M in Q2 FY2025

Endpoint ICs share of revenue vs 86.4% in Q2 FY2025

Jul 29, 2026 Issued third-quarter revenue and earnings outlook Forecast third-quarter revenue of $105.5 million to $108.5 million and GAAP net income of $2.2 million to $3.7 million.

Growing. Revenue grew 90% in 4 years, from $190.3M in FY2021 to $361.1M in FY2025, about 17% a year.

Adds tag production systems The latest report includes tag production systems, sold mainly to inlay partners; the older systems description focused on reader ICs, readers, gateways and software.

Revenue over time

Endpoint ICs Systems

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with NXP, Kiloway, Quanray, Shanghai Fudan Microelectronics Group, Alibaba, Alien, Phychips, and CISC

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